Securities and Exchange Commission
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
Central European Value Fund, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
153455100
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(CUSIP Number)
Ralph W. Bradshaw
c/o Deep Discount Advisors, Inc.
One West Pack Square, Suite 777
Asheville, NC 28801
(828) 255-4833
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 22, 1999
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(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box. [ ]
<PAGE>
CUSIP No.: 153455100 13D Page 2
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Deep Discount Advisors, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
One West Pack Square, Suite 777 Asheville, NC 28801
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NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 820700
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BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
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BY EACH | | SOLE DISPOSITIVE POWER 820700
REPORTING | 9 |
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PERSON | | SHARED DISPOSITIVE POWER 0
WITH | 10 |
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 820700
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 14.0%
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14 TYPE OF REPORTING PERSON IA
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CUSIP No.: 153455100 13D Page 3
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===============================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Ron Olin Investment Management Company
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
========================================================================
3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
One West Pack Square, Suite 777 Asheville, NC 28801
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NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 672000
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BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
====================================================================
BY EACH | | SOLE DISPOSITIVE POWER 672000
REPORTING | 9 |
=====================================================================
PERSON | | SHARED DISPOSITIVE POWER 0
WITH | 10 |
======================================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 672000
=====================================================================
12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
=========================================================================
13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 11.4%
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14 TYPE OF REPORTING PERSON IA
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<PAGE>
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock of
Central European Value Fund, Inc.(the "Issuer"). The principal executive
offices of the Fund are located at 200 Liberty Street, 38th Floor, World
Fin'l, Oppenheimer Tower, New York, NY 10281
Stephen Treadway, Chairman
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c) This Schedule 13D is being filed by Deep Discount Advisors, Inc.
and Ron Olin Investment Management Company (the "Reporting Persons"),
who are Registered Investment Advisors, One West Pack Square, Suite 777,
Asheville, NC 28801.
(d) None
(e) None
(f) USA
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Investment funds
ITEM 4. PURPOSE OF TRANSACTION
POSSIBILITY OF BOARD APPOINTMENT DISCLOSED:
The acquisition of the securities of the issuer was made for the purpose of
investment. The reporting persons may acquire additional securities, or
dispose of the securities of the issuer from time to time.
The reporting persons are in favor of actions by the issuer which would have the
effect of increasing the investment value of the issuer's shares, and will
support actions which, in the sole discretion of the reporting persons, may
result in an increase in the market value of the issuer's shares.
The Chairman of the Board of the issuer contacted Ronald G. Olin, a control
person of the reporting persons, to inquire whether or not Mr. Olin would be
interested in possible appointment to the Board of the issuer. This contact was
unsolicited and such an appointment to the Board would require further review
and consideration by the entire Board as well as the agreement of Mr. Olin.
Mr. Olin is taking the possibility under consideration.
The filing of this Form 13D is occasioned by the possibility that such actions
as the appointment of Mr. Olin to the Board of the issuer may have the effect of
influencing subsequent actions of the issuer, should such an appointment occur,
and that such a possibility may be relevant disclosure to shareholders of the
issuer.
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's proxy statement, dated November 11,1998,
states that, as of the close of business on October 19, 1998, there were
5,878,047 shares of Common Stock outstanding. The percentage set forth in
this Item 5(a) was derived using such number.
The Reporting Persons are the beneficial owners of 1,492,700
shares of Common Stock, which constitute approximately 25.4% of the outstanding
shares of Common Stock.
(b) Power to vote and to dispose of the securities resides
with the Reporting Persons.
(c) During the last sixty days, the following shares
of Common Stock were traded:
Date Number of Shares Price Per Share
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1/20/99 4500 bought 10.6389
1/21/99 4000 bought 10.5
1/22/99 2000 bought 10.5625
1/26/99 1500 bought 10.625
1/27/99 2600 bought 10.4375
1/28/99 6000 bought 10.625
1/29/98 1600 bought 10.25
2/1/99 2100 bought 10.3125
2/1/99 2700 bought 10.375
2/1/99 5000 bought 10.4375
2/2/99 700 bought 10.1875
2/4/99 2600 bought 10.4375
2/5/99 4600 bought 10.25
2/8/99 4400 bought 10.3352
2/8/99 170000 bought 10.2375
2/9/99 1500 bought 10.1875
2/10/99 200 bought 10.375
2/12/99 2700 bought 10.375
2/17/99 3600 bought 10.375
2/17/99 1000 bought 10.4375
2/18/99 6200 bought 10.375
2/19/99 700 bought 10.25
2/22/99 600 bought 10.125
2/24/99 700 bought 9.75
2/25/99 7000 bought 9.625
3/1/99 2700 bought 9.4375
3/2/99 1200 bought 9.375
3/3/99 4000 bought 9.4531
3/4/99 8000 bought 9.4766
3/5/99 3800 bought 9.4375
3/8/99 2000 bought 9.625
3/9/99 2400 bought 9.8542
3/10/99 900 bought 9.875
3/11/99 1000 bought 9.875
3/12/99 700 bought 10
3/16/99 10000 bought 10.0625
3/16/99 25000 bought 10.1125
3/17/99 5000 bought 10
3/22/99 10800 bought 9.3125
3/22/99 35000 bought 9.5285
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: March 29, 1999 Deep Discount Advisors, Inc.
By: /s/ Ralph W. Bradshaw
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Name: Ralph W. Bradshaw
Title: Secretary
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EXHIBIT A
The business address for all individuals listed
in this Exhibit A is One West Pack Square, Suite 777,
Asheville, NC 28801.
DIRECTORS AND/OR GENERAL PARTNERS
Name and Address Principal Occupation
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Ronald G. Olin Investment Advisor
Sandra D. Olin Director
Gary A. Bentz Investment Advisor
Ralph W. Bradshaw Investment Advisor
William A. Clark Investment Advisor
Ralph D. McBride Attorney
<PAGE>
EXECUTIVE OFFICERS
Name and Address Principal Occupation
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Ronald G. Olin Investment Advisor
Gary A. Bentz Investment Advisor
Ralph W. Bradshaw Investment Advisor
William A. Clark Investment Advisor
SHAREHOLDERS WHO MAY BE DEEMED TO CONTROL THE ADVISORS.
The following shareholders and/or partners may be deemed to
control the Reporting Persons:
Ronald G. Olin
